China's yuan ended slightly higher against the dollar on Wednesday, as the dollar index fell slightly in early European trade. Spot yuan ended at 6.6634 versus the dollar, up slightly from Tuesday's close of 6.6670 and was up 2.44 percent since the PBOC announced a depegging of the Chinese currency from the dollar in mid-June.
It moved in a small range of 6.6647 to 6.6774, trading firmer than the central bank's daily mid-point of 6.6786, the weakest level since November 3 and down from Tuesday's 6.6762. China's official purchasing managers' index (PMI) rose to a seven-month high of 55.2 in November from 54.7 in October, while HSBC's China Purchasing Managers' Index rose in November to an eight-month high at 55.3. Offshore, one-year NDFs fell slightly to 6.5183 bid from Tuesday's close of 6.5410, with implied yuan appreciation in a year's time rising to 2.46 percent from 2.07 percent shown on Tuesday.
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